Is the interest on the bond tax deductible? [Archive]

View Full Version : Is the interest on the bond tax deductible?

eremite06

01-30-2008, 10:35 PM

I read somewhere, this was the case. Also, you can obtain your bond amortization from the tax office to determine how much annual interest you've paid. Anyone know if the interest is income tax deductible?

ilvgolf

01-31-2008, 12:09 AM

When I went by the office in Southern Trace to ask this same question, the answer I got was "I can't tell you anything about what is and what is not deductible - you will have to ask your accountant". However, you can get an amoritization - all you need is your ID card (which has your lot number on it) and they will make a copy of it and give it to you - right then and there.

JohnN

01-31-2008, 12:56 AM

I've read a thread elsewhere here that it is.
My theory is to deduct it and have the IRS question it LOL

gonzy

01-31-2008, 02:02 AM

Is the bond listed as ad-valorem or non ad-valorem on your property tax bill?

Becky

01-31-2008, 02:18 AM

So to get a copy of the paper, whom do I call if not f/t in TV? Am assuming there are others in my situation!

Thanks!

Becky

chacam

01-31-2008, 11:33 AM

This doesn't affect us.

It's been probably 15 years or so since we have had enough deductable expenses to exceed the standard deduction.

noleguy

01-31-2008, 03:28 PM

You can go by the district office on Wedgewood Lane and they will provide you a print out of your bond amortization schedule.

noleguy

01-31-2008, 03:39 PM

...or contact Carol Thompson at the district office. Her number is 352-751-3905.

eremite06

01-31-2008, 05:41 PM

The bond is Non-Ad Valorem. But I just realized the bond interest is included in the annual payment which is included in the overall tax bill and is included in the real estate tax deduction.

WOW, I pay about $3300/yr for maintenance, the bond and amenity fee(goes up based on CPI annually)

Anyone write off their Amenity fees, even though they're not included in your tax bill?

gonzy

01-31-2008, 10:00 PM

If it's non ad-valorem it is not tax deductable and therefore the interest is not tax deductable. Only the portion of the tax bill that is ad-valorem is deductable on schedule A.

ilvgolf

03-08-2008, 10:46 PM

Becky - the number to call to get a copy of your bond amorization is: 352-753-4508.